The following is an extract from the Deloitte IASPlus website with regards to the IASB FASB convergence project The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the 'Norwalk Agreement') The IASB FASB convergence project was of particular importance as The US Securities and Exchange Commission (SEC) was considering whether to adopt or allow, IFRS for use by domestic issuers in the United States and gave consideration to the success of the convergence process as part of this assessment The Leaders of the Group of 20 (G20) issued a statement in 2009 calling for the convergence of accounting standards in the member nations by 2011 Whilst the original June 2011 deadline has not been met, subsequent G20 meetings in 2012 and 2013 reaffirmed the commitment to achieve convergence of accounting standards Required Identify and explain five (5) factors that may explain why countries such as the United States, China, India, Indonesia and Vietnam have not adopted international financial reporting standards (IFRS) (10 marks)

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The following is an extract from the Deloitte IASPlus website with regards to the IASB- FASB convergence project: : The objective of this project is

The following is an extract from the Deloitte IASPlus website with regards to the IASB- FASB convergence project: :

The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the 'Norwalk Agreement').

The IASB-FASB convergence project was of particular importance as:

The US Securities and Exchange Commission (SEC) was considering whether to adopt or allow, IFRS for use by domestic issuers in the United States and gave consideration to the success of the convergence process as part of this assessment.

The Leaders of the Group of 20 (G20) issued a statement in 2009 calling for the convergence of accounting standards in the member nations by 2011. Whilst the original June 2011 deadline has not been met, subsequent G20 meetings in 2012 and 2013 reaffirmed the commitment to achieve convergence of accounting standards.

Required

Identify and explain five (5) factors that may explain why countries such as the United States, China, India, Indonesia and Vietnam have not adopted international financial reporting standards (IFRS) (10 marks)